AGM gives another confident update
In a statement to accompany today’s AGM, Cohort reported that, propelled by trading and order intake, notably in the Sensors & Effectors division, H1 25 is expected to be significantly ahead year-on-year, with net margin improvement. The Group indicates that FY25 revenue and (adj.) operating profit are now expected to be slightly ahead of management prior expectations.The year-end record closing order book was £518.7m, with visibility out to 2037 and an estimated 90% of FY25 consensus estimated revenue covered. Post FY24 results the Group has continued to add contract wins worth over £120m taking the total to £575m by 20 September.
We have revised our FY25 revenue estimate up by 4.5%, from £220m to £230m, also raising (adj.) EBIT by 2.2% to £24.6m (prior £24.0m). Cohort currently trades on 9.6x FY26E (adj.) EV/EBITDA, 17.6x PE compared to the market cap weighted average of peers on respective multiples of 12.1x and 21.1x
At this stage, our Fair Value remains 910p / share
Cohort is a holding company. Co. operates through its subsidiaries: Empresa de Investigacao e Desenvolvimento de Electronica, S.A., which is engaged in the fields of electronics, tactical and naval communications, command and control; MASS Consultants Limited, which is an electronic warfare operational support, cyber security, secure ICT networks and support to operations business serving customers primarily in defense and security markets; and Marlborough Communications Limited, which is a supplier of electronic communications, information systems and signals intelligence technology to the defense and security sectors.
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